Hindalco’s aluminium ingot price sees a sharp hike of INR5750/t with effect from July 31
Hindalco Industries Limited significantly increased its aluminium ingot and aluminium product prices on Saturday, July 31, which marked the fourth consecutive time of hike. The company’s aluminium ingot price came in at INR 226,500 per tonne, up by INR 5,750 per tonne from INR 220,750 per tonne on July 30.
Hindalco’s aluminium wire rod price stood at INR 237,600 per tonne as of July 31, which was also up by INR 5,750 per tonne from INR 229,100 per tonne on July 30. The company’s aluminium billets price was at INR 233,600 per tonne, in comparison with INR 227,850 on the previous day.
Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which jumped by US$67.50 per tonne on July 30 to stand at US$ 2,624 per tonne. On a month-on-month calculation, the price stood up by US$ 101 per tonne from 2,523 per tonne, and on a year-on-year basis by US$ 942.50 per tonne from US$ 1,681.50 per tonne.
Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.
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